The total global user base for mobile payments will increase from an estimated 689.99 million users in 2014 to 4.77 billion users in 2019, according to new figures from Ovum.

Of the three segments covered in the new forecast – m-commerce, person-to-person (P2P) mobile money transfers, and mobile proximity payments – m-commerce is the biggest in terms of users and transaction value.

Ovum forecasts 452.78 million global m-commerce users in 2014, rising to 2.07 billion users in 2019. The global transaction value of m-commerce will grow from USD 50.92 billion in 2014 to USD 693.36 billion by 2019.

The company said China will have 370.29 million m-commerce users by 2019, making it the largest m-commerce user base in the world. M-commerce transaction value – fuelled by players such as Alibaba and Tencent — in China will reach USD 79.36 billion in 2019. China will be the second largest country for m-commerce – behind the US.